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JAMB Principles of Accounts 2013 Question 45

Question 45

Company Accounts

The issued share capital is the number of shares that are

  1. A.authorized by the shareholders.
  2. B.shared among the directors.
  3. C.fully subscribed.
  4. D.in the share certificate.
Show the answer and explanation

Answer: C (fully subscribed.)

Explanation

Issued capital is the shares actually given out to and taken up by shareholders; the total that may be issued is the authorised capital.